CBDT launches Documentation Identification Number

The Central Board of Direct Taxes (CBDT) has launched a computer-generated Document Identification Number (DIN) to ensure greater transparency and accountability in tax administration. Thus from now onwards, every CBDT communication will have to have a documentation identification number. The ..

Month: Current Affairs - October, 2019

CBDT to set up National e-Assessment centre in New Delhi

National E-Assessment Centre (NeAC) will be setup in New Delhi as part of the Centre government’s ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019. The order for the creation of NeAC was issued ..

Month: Current Affairs - September, 2019

India, Switzerland Automatic Exchange of Financial Account Information kicks in

Automatic Exchange of Information (AEOI) Regime between Switzerland and India kicked off from September 1, 2019. Under this mechanism, India will start receiving information on all financial accounts held by Indian residents in Switzerland, for the year 2018. Central Board ..

Month: Current Affairs - September, 2019

CBDT notifies creation of special cell for startups

Central Board of Direct Taxes (CBDT) has created five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. It will be headed by member (Income Tax and Computerisation) of CBDT. This initiative is ..

Month: Current Affairs - August, 2019

24 July: CBDT celebrates Aaykar Diwas

On 24 July 2019, Central Board of Direct Taxes (CBDT) and all field offices observed and celebrated 159th Income Tax Day also known as Aaykar Diwas. About Aaykar Diwas 2019 Background: It was on 24 July in 1860 that Income ..

Month: Current Affairs - July, 2019

Preliminary Report of Standing Committee on Finance

The Preliminary Report of the Standing Committee on Finance was tabled in the Parliament. The report titled Status of Unaccounted Income/Wealth Both Inside and Outside the Country A Critical Analysis makes the following observations: The committee s report was based ..

Terror Monitoring Group for Jammu and Kashmir

The Union Home Ministry has announced setting up of a Terror Monitoring Group (TMG) to ensure synergised and concerted action against terror financing and terror-related activities in Jammu and Kashmir. Mandate of the Terror Monitoring Group Taking action against hardcore ..

Month: Current Affairs - April, 2019

61 Individuals Declared Annual Income of Over Rs 100 Crore

As per the information provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha 61 individuals who declared an income of more than Rs 100 crore during the assessment year 2017-18. Even though the numbers have increased sharply ..

Month: Current Affairs - February, 2019

PK Dash, Akhilesh Ranjan and Neena Kumar inducted as members of CBDT

Appointments Committee of the Cabinet (ACC) has appointed three senior IRS officers K Dash, Akhilesh Ranjan and Neena Kumar as new members of Central Board of Direct Taxes (CBDT). All three members belong to 1982-batch of the Indian Revenue Service ..

Month: Current Affairs - November, 2018

India Switzerland sign agreement to share tax-related information

In a move aimed at combating black money stashed abroad, India has signed an agreement with Switzerland that would allow automatic sharing of tax-related information from 1 January, 2018. The agreement was signed by CBDT chairman Sushil Chandra and Swiss ..